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Advice/Help in finding a mortgage
Biffins
Posts: 7 Forumite
My wife and I are first time buyers.
We are currently looking got a 85% LTV variable rate (discount or tracker) mortgage.
Contacted London and Country at the advice of this forum. They told me that there are no variable rate mortgages available for us at 85% LTV but there are some at 80% LTV at 3.2%. At 85% LTV we get a fixed rate of 5.1%.
Our special situation causing a kink is that I am on Tier 1 Highly Skilled Migrant visa and have about 18 months remaining on that visa (been in UK for almost 6 years), after which I go on Indefinite Leave. Some lenders will not lend with less than 2 years on visa while others will. The other issue is that I just switched jobs and again some lenders won't lend unless you've been at your new job atleast 3 months, while others will lend from day 1.
Considering that L&C claim they are whole of market, does that mean we have no option of getting a variable rate mortgage at 85% LTV? I figure there must be some direct-only lenders that L&C doesn't have access too that we maybe can reach out to. Is there a list available anywhere of direct-only lenders.
Thanks.
We are currently looking got a 85% LTV variable rate (discount or tracker) mortgage.
Contacted London and Country at the advice of this forum. They told me that there are no variable rate mortgages available for us at 85% LTV but there are some at 80% LTV at 3.2%. At 85% LTV we get a fixed rate of 5.1%.
Our special situation causing a kink is that I am on Tier 1 Highly Skilled Migrant visa and have about 18 months remaining on that visa (been in UK for almost 6 years), after which I go on Indefinite Leave. Some lenders will not lend with less than 2 years on visa while others will. The other issue is that I just switched jobs and again some lenders won't lend unless you've been at your new job atleast 3 months, while others will lend from day 1.
Considering that L&C claim they are whole of market, does that mean we have no option of getting a variable rate mortgage at 85% LTV? I figure there must be some direct-only lenders that L&C doesn't have access too that we maybe can reach out to. Is there a list available anywhere of direct-only lenders.
Thanks.
0
Comments
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but you know your onions!
https://forums.moneysavingexpert.com/discussion/3107918
Obvious thing is could your wife be the main earner for the mortgage needs?Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
Most lenders publish their rates on the FSA website.
http://tables.moneymadeclear.org.uk/Comparison-tables-home/Mortgages/Compare-mortgages/0 -
originalmiscellany wrote: »but you know your onions!
Obvious thing is could your wife be the main earner for the mortgage needs?
Thanks, been doing my research. This forum has been very helpful.
No. We will need both our salaries to get the kind of property we want. Obviously we can drastically lower our budget to get the property on just her salary but it isn't what we want to do.Thrugelmir wrote: »
Most lenders publish their rates on the FSA website.
Thanks I'll check it out.0 -
L&C do not have to recommend direct deals to be whole of market.
Difficult to say without knowing your circumstances but there may well be options for you. Strange to have an option of an 85% mortgage fixed but not variable.
Some lenders will lend on day 1 of employment, others want minimum time in job.
Try a small broker, not a big company who may not be prepared to look deep enoughI am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Got me a mortgage when all the other brokers said no chance, the only charge was £250 which they get from the mortgage company not the borrower.
L and C saved my bacon otherwise I would have been back on a base rate of 5.7%.
My previous mortgage cost me £1995 broker fees plus £995 BS product fee and a whopping 4.3% interest with the Leeds BS.
Leeds charge this for someone with a perfect credit record and 70% deposit.0 -
Our special situation causing a kink is that I am on Tier 1 Highly Skilled Migrant visa and have about 18 months remaining on that visa (been in UK for almost 6 years), after which I go on Indefinite Leave.
Watch that one! After about 18 months, you will apply for Indefinite Leave to Remain (ILR). Applying for ILR isn't the same as getting ILR!
Be very careful for the next 18 months....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
hmm first direct have a good variable at 85% ltv0
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